167 percent growth at Cardano – will the price rally follow?

 

Cardano reports one milestone after the other, which is not (yet) reflected in the price of the ADA token.

A crypto analyst known on Twitter by the name of @ali_charts reports a significant increase in on-chain activity for the Cardano blockchain. For his stats, he consulted IntoTheBlock's Net Network growth metrics. Using this data, the analyst notes that the number of new addresses created daily on the Cardano network has increased by almost 167 percent to over 112,500 addresses. Continued growth in this metric usually precedes a rise in ADA's price, according to Ali Martinez.

This increase is also reflected in data recently released by analytics firm Messari . Besides Bitcoin, Cardano is at the top there in terms of transaction activity and has even overtaken Ethereum. In terms of transaction volume, Cardano comes in at $15.06 billion ahead of Ethereum at $6.71 billion. When you compare this to adjusted transaction volume, the difference is even bigger. Compared to Bitcoin and Ethereum, Cardano users also pay fewer fees.

Cardano reports over 3 million ADA wallets

The ADA token is trading at $1.04 at press time, having lost nearly a third of its value over the past month. However, several factors could contribute to an increase in the ADA price again in the medium term. According to Ali Martinez, the favorable fundamentals of network development are not priced in yet. In the current ranking by market capitalization, Cardano is in 7th place.

There are now 3 million ADA wallets. This is not to be confused with the number of users, but it is an indication of the increasing popularity. The fact that the first Cardano DEX SundaeSwap went online last month certainly contributed to this. 

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